Peter Schiff: "Bitcoin could plunge if Trump doesn’t mention it in his SOTU… and even if he does, it may be a 'sell-the-news'"
Summary
- Peter Schiff said he sees the potential for a near-term decline, linking President Donald Trump’s State of the Union address to Bitcoin price action.
- He said that if Bitcoin is not mentioned at all in the SOTU, selling pressure and profit-taking could be triggered as expectations have already been priced in.
- He also argued that even if Bitcoin is mentioned, prices could still fall as Trump insiders who bought ahead of the speech may opt to sell the news.
Peter Schiff, a prominent Bitcoin skeptic, linked President Donald Trump’s State of the Union (SOTU) address to Bitcoin’s price action, raising the possibility of a near-term pullback.
In a post on X on the 25th, Schiff said, "Bitcoin just surged," suggesting the recent rally may have been fueled by political expectations. He speculated that pro-crypto figures in Trump’s camp may have pushed to include Bitcoin-related language in the speech.
He said he expects selling pressure if Bitcoin is not mentioned at all in the SOTU. His argument is that with expectations already priced in, the absence of a catalyst could trigger profit-taking.
Schiff also suggested that even if Bitcoin is mentioned in the speech, the move may not be sustained and prices could instead fall. He claimed that Trump insiders who bought ahead of the address may move to "sell the news."
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